The 12th BRICS meeting was hosted and held virtually by Russia on the theme of ‘Global Stability, Shared Security, and Innovative Growth’. The summit was held in the backdrop of the 75th anniversary of the United Nations and in the midst of the COVID-19 pandemic.
What is BRICS?
BRICS is the acronym for 5 major emerging national economies: Brazil, Russia, India, China, and South Africa. It was formed in 2009 and since then the BRICS nations have met annually at formal summits.
·The BRICS aims to promote peace, security, development and cooperation
The 12th meeting highlights:
·Terrorism: countries that support and terrorists who sponsor terrorism should be held guilty.
·Covid: cooperation between BRICS on pandemic was addressed. Referring to the post Covid-19 economic hardships of the world, India highlighted the importance of BRICS in that scenario.
·India: introduced the concept of Aatmanirbhar Bharat or self-reliant India
·Russia: highlighted the importance of establishing a Centre for Development and Research of BRICS vaccines.
·China: offered to cooperate in the development of vaccines against the coronavirus
·Economic Partnership Strategy 2025: development of BRICS in trade, investment, finance, digital economy, etc.